Weihai New Beiyang Zhengqi Robot Co., Ltd. announced a private placement of 7,000,000 common shares at a price of CNY 1 per share for gross proceeds of CNY 7,000,000 on December 11, 2018. The transaction will include participation form existing investor Shandong New Beiyang Information Technology Co., Ltd. (SZSE:002376). The transaction will take place in two equal tranches. The company will issue its first tranche within 5 days since approval of the transaction by the shareholders’ meeting of board of directors of the parties involved and second tranche within 5 days since completion of change of registry procedures. The transaction was approved by the board of directors of the investor at the the 5th meeting of the 6th directorate meeting. Post the closing of the transaction and concurrent acquisition, the investor will hold 53.51% against 35%. The company reported total assets of CNY 40,267,800, net assets of CNY 36,453,300, operating revenue of CNY 10,659,700, and net profit of CNY -5,605,800 for the year ended December 31, 2017.